**Table 3
*headline is headline rating
*(1) & (2)
use "main_pseudo_data.dta", clear
xi: reghdfe success headline, absorb(country icorating_industry quarter) vce(cluster quarter)
xi: reghdfe success headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)

*(3) generate interaction term for headline rating & High no. of analysts 
gen high_no_ana=1 if no_ana>median_no_ana
replace high_no_ana=0 if high_no_ana==.
gen headline_high_no=high_no_ana*headline

xi: reghdfe success headline headline_high_no high_no_ana frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)

*(4) generate interaction term for headline rating & diversity
*sum_sciencetechdegree is the sum of dummies for individual investors covering an ICO. If an ICO is covered by two analyts with science/tech degrees, then sum_sciencetechdegree=2. If none of the anlaysts covering it has a science/tech degree, then sum_sciencetechdegree=0. sum_businessdegree~=0 & sum_otherdegree are defomed similarly.
gen diverse=1 if sum_sciencetechdegree~=0 & sum_businessdegree~=0 & sum_otherdegree~=0
replace diverse =0 if diverse==.
gen headline_diverse=headline*diverse

xi: reghdfe success headline headline_diverse diverse frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)

**Table 4
xi: reghdfe firstday_frac headline  frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)
xi: reghdfe cum1_5_frac headline  frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)
xi: reghdfe cum1_15_frac headline  frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)

**Table 5
use "Table5_pseudo_data.dta", clear
* generate log_growth_rate
gen log_growth_rate = log(1+growth_rate)
reghdfe log_growth_rate rating days_elapsed,noabsorb vce(cluster ICO) 
reghdfe log_growth_rate rating days_elapsed, absorb(month) vce(cluster ICO)
reghdfe log_growth_rate rating days_elapsed, absorb(ICO) vce(cluster ICO)


**Table 6
use "Table6_pseudo_data.dta", clear
*generate log_activity and log_activity_recent
gen log_activity = log(1+activity)
gen log_activity_recent = log(1+activity_recent)
gen log_no_advisorservices = log(1+no_advisorservices)

*Panel A
reghdfe become_advisor log_activity,noabsorb vce(cluster analyst)
reghdfe become_advisor log_activity sciencetechdegree businessdegree msphddegree top100univ linkedin tweeter, absorb(analystcountry month) vce(cluster analyst)
reghdfe become_advisor log_activity_recent, noabsorb  vce(cluster analyst)
reghdfe become_advisor log_activity_recent sciencetechdegree businessdegree msphddegree top100univ linkedin tweeter, absorb(analystcountry month) vce(cluster analyst)
reghdfe become_advisor top10expert, noabsorb vce(cluster analyst)
reghdfe become_advisor top10expert sciencetechdegree businessdegree msphddegree top100univ linkedin tweeter, absorb(analystcountry month) vce(cluster analyst)

*Panel B
reghdfe log_no_advisorservices log_activity, noabsorb vce(cluster analyst)
reghdfe log_no_advisorservices log_activity sciencetechdegree businessdegree msphddegree top100univ linkedin tweeter, absorb(analystcountry month) vce(cluster analyst)
reghdfe log_no_advisorservices log_activity_recent, noabsorb vce(cluster analyst)
reghdfe log_no_advisorservices log_activity_recent sciencetechdegree businessdegree msphddegree top100univ linkedin tweeter, absorb(analystcountry month) vce(cluster analyst)
reghdfe log_no_advisorservices top10expert, noabsorb vce(cluster analyst)
reghdfe log_no_advisorservices top10expert sciencetechdegree businessdegree msphddegree top100univ linkedin tweeter, absorb(analystcountry month) vce(cluster analyst)



**Table 7
use "Table7_pseudo_data.dta", clear
egen quarter_analyst = group(quarter analyst)
gen rating_highest = rating * highest

*Panel A
reghdfe revised highest frac_sale presale high_bonus kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter analyst) vce(cluster quarter)
reghdfe revised highest frac_sale presale high_bonus kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter_analyst) vce(cluster quarter)

*Panel B
reghdfe success rating highest rating_highest frac_sale presale high_bonus kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter analyst) vce(cluster quarter)
reghdfe success rating highest rating_highest frac_sale presale high_bonus kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter_analyst) vce(cluster quarter)


**Table 8
use "main_pseudo_data.dta", clear
xi: reghdfe miss_whitepaper headline  i.icorating_industry i.quarter, ab(country) vce(cluster quarter)
xi: reghdfe miss_whitepaper headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)

xi: reghdfe charge_dummy headline  i.icorating_industry i.quarter, ab(country) vce(cluster quarter)
xi: reghdfe charge_dummy headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)


**Table 10
xi: bootstrap, reps(100) seed(1): reghdfe return_3m excess_return_1 market_return_3m headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)
xi: bootstrap, reps(100) seed(1): reghdfe return_6m excess_return_1 market_return_6m headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)
xi: bootstrap, reps(100) seed(1): reghdfe return_1y excess_return_1 market_return_1y headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto, absorb(country icorating_industry quarter) vce(cluster quarter)

xi: bootstrap, reps(100) seed(1): qreg return_3m excess_return_1 market_return_3m headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto i.icorating_industry i.quarter, vce(r)
xi: bootstrap, reps(100) seed(1): qreg return_6m excess_return_1 market_return_6m headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto i.icorating_industry i.quarter, vce(r)
xi: bootstrap, reps(100) seed(1): qreg return_1y excess_return_1 market_return_1y headline frac_sale presale high_bonus   kyc  multi_lang  multi_cur  sto i.icorating_industry i.quarter, vce(r)


** Table 11
/*
Other variables are the same as table 10
- volatility_3m: annualized realized volatility within three months after being listed on CoinMarketCap
- volatility_6m: annualized realized volatility within six months after being listed on CoinMarketCap
- volatility_12m: annualized realized volatility within 12 months after being listed on CoinMarketCap
- delisted_3m: a dummy variable that equals 1 if a token is delisted from CoinMarketCap within three months after being listed and 0 otherwise.
- delisted_6m: a dummy variable that equals 1 if a token is delisted from CoinMarketCap within six months after being listed and 0 otherwise.
- delisted_12m: a dummy variable that equals 1 if a token is delisted from CoinMarketCap within 12 months after being listed and 0 otherwise.
*/

reghdfe volatility_3m headline frac_sale presale high_bonus kyc multi_lang multi_cur sto, absorb(country icorating_industry quarter) vce(cluster quarter)
reghdfe volatility_6m headline frac_sale presale high_bonus kyc multi_lang multi_cur sto, absorb(country icorating_industry quarter) vce(cluster quarter)
reghdfe volatility_12m headline frac_sale presale high_bonus kyc multi_lang multi_cur sto, absorb(country icorating_industry quarter) vce(cluster quarter)
reghdfe delisted_3m headline frac_sale presale high_bonus kyc multi_lang multi_cur sto, absorb(country icorating_industry quarter) vce(cluster quarter)
reghdfe delisted_6m headline frac_sale presale high_bonus kyc multi_lang multi_cur sto, absorb(country icorating_industry quarter) vce(cluster quarter)
reghdfe delisted_12m headline frac_sale presale high_bonus kyc multi_lang multi_cur sto, absorb(country icorating_industry quarter) vce(cluster quarter)

